'Magic: The Gathering' Works Wonders For Hasbro
The beat helped convince sell-side analysts that the disruption caused by the Toys R Us closure is over and CEO Brian Goldner’s turnaround is looking good. Pawtucket, Rhode Island-based Hasbro reported first-quarter earnings of 21 cents per share, nearly double the 11-cent Street estimate, showing unexpected profits when the company had led analysts to expect a small loss. “The Toys ‘R’ Us impacts are now over and we expect momentum to build,” Bolton Weiser said in a Wednesday note. But it may be a totally new “arena” for Hasbro that has analysts most excited. The new e-sports version of the “Magic the Gathering” card game is turning out to be a big hit for Hasbro’s entertainment, licensing and digital division, which saw net revenue increase by 24 percent in the first quarter.